Antonio Nesticò

A protocol for sustainable building interventions: financial analysis and environmental effects

The economic evaluations conducted by the public operator require to estimate not only the financial effects generated by the investment project, but also the social, cultural and environmental results. This study proposes a model that, starting from the collection and processing of data which characterise the thermodynamic buildings behaviour, allows the correct selection of energetic requalification interventions, both under technical and financial issue. Moreover the model allows to take into account in monetary terms the extent of the lower CO

The sustainability of urban renewal projects: a model for economic multi-criteria analysis

Purpose The decisions taken today relating to urban renewal interventions are rarely supported by logical and operational methodologies capable of effectively rationalising selection processes. For this purpose, it is necessary to propose and implement analysis models with the aim of promoting the sustainable development of the territory. The purpose of this paper is to define a model for the optimal allocation of scarce resources. Design/methodology/approach The Discrete Linear Programming (DLP) is used for selecting investments aimed at achieving financial, social, cultural and environmental sustainability. Findings The proposed model lends itself to the construction of investment plans on behalf of both types of decision makers, of both a public and a private nature. Research limitations/implications All projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders’ different preferences. Practical implications The model, written with A Mathematical Programming Language using DLP logics, is tested – case study – so as to define an investment programme finalised for urban renewal of a vast area. Social implications The proposed econometric model makes it possible to obtain the optimal combination of projects for urban renewal with a view to achieving the sustainable development of the territory. Originality/value Using the proposed model, all projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders’ different preferences.

Government Tools for Urban Regeneration: The Cities Plan in Italy. A Critical Analysis of the Results and the Proposed Alternative

The study discusses the application of a national law in the period 2012/13 aimed at stimulating the aggregation of entities – public and private – involved in the regeneration of deprived urban areas. With limited funding, little more than €300 million, the Italian State managed to entice local governments into the coagulation of initiatives to improve the quality of urban life. More than 400 proposals were received and evaluated by the institutional Control Room, resulting in a classification that awarded 28 municipalities. This paper analyses the results and proposes a multi-criteria methodology and alternative rationale to prioritise the projects, highlighting the consistencies and weaknesses of the management approach.

An estimate model for the equalisation of real estate tax: a case study

As far as the common problem of countries fiscal equalisation is concerned, the specific topic of equalisation of real estate tax is of considerable importance, especially if the real property tax base is a function of the cadastral income and, at the same time, in cases the cadastral income does not express the real market value of the asset. Such a circumstance - pending a cadastral reform which aligns the cadastral value of assets with the corresponding market values - political and economic instruments, as well as adequate estimation algorithms, should be arranged in order to correlate the tax on real estate with the relative market value of the asset. In this regard, it is proposed a model able to consider the effect of the prevalent intrinsic features of the asset on its market value. Among the variables considered, is taken into account the energy class of the asset, which is increasingly important for the legislator in matter of politics of energy saving of a country. The effectiveness of the model, which requires the definition of a value function according to the evaluation logic of typical values procedure, is tested through an application to an urban area on municipal scale.

Building Investments for the Revitalization of the Territory: A Multisectoral Model of Economic Analysis

Following the crisis generated by the financialization of private real-estate, construction prices have gradually decreased depriving the housing market of the necessary growth stimuli. Many countries have set up measures to revive this highly strategic area for the national economy. With reference to the Campania Region Law n. 19 dated 28 December 2009, known Housing Plan, this work has two objectives: to recognize the fundamental estimation problems that need to be solved in the implementation of the Campania Housing Plan; in addition, predict the effects of the regulations on the regional economy, both in overall terms as well as for each production sector, with particular attention being given to the construction industry. Regarding the first objective, the contents of the law are analysed on the basis of the principles that govern the appraisal. The consequences of the Campania Housing Plan on the economic system are then evaluated using input-output matrices, which are able to capture the structural relationships that exist among the various productive sectors. The numerical calculations require a preliminary investigation aimed at collecting a list of interventions approved by local governments in accordance to the Housing Plan. The cost of the works, as proposed in the applications submitted to the local administrations, is the input data for the implementation of the Social Accounting Matrix 2010 of the Campania Region.

The rational quantification of social housing: an operative research model

This work has addressed the issue of the urban redevelopment of brownfield sites. It has developed an evaluation model for the quantification of the social housing component that the private investor must make in favor of the public administration. The protocol is based on finding a balance between the interests of the parties involved in urban redevelopment. The algorithm is constructed by borrowing techniques from Operations Research Linear Programming. The objective function is to maximize the social housing quota. The constraints formalize the utility functions of the two contracting parties (public and private). The result is a simple to use mathematical process, which can be implemented in any local context, in order to make choices consistent with the potential of the local housing markets. The algorithm developed is applied to a case located in a municipality of the Agro-Nocerino-Sarnese (SA). The output returned enhances the rationality of the model, capable of contributing to the feasibility of the redevelopment of disused areas.

The Economic Evaluation of Investments in the Energy Sector: A Model for the Optimization of the Scenario Analyses

The well-known evaluation indices do not allow to take into account the interaction between current investment alternatives and future decisions. The real options theory provides answers to the limits that the evaluators discovered in the traditional techniques of capital budgeting and allows to give a value to managerial flexibility, i.e. the ability of management to review its decisions on the basis of changes in the economic context. Implementing the traditional cash-flow analysis with the tool of real options, the study defines a logical-operational model capable of verifying the financial viability of investments in the energy sector. The model is applied to the economic study of a project to produce energy from renewable sources, specifically the construction of a new wind farm. The different operational phases of the model used for the optimization of the scenario analyses, return the value of the positive potential that can result from management flexibility and innovation.

A Model for the Economic Evaluation of Energetic Requalification Projects in Buildings. A Real Case Application

The study is part of the current debate on the selection of cost-effective interventions to ensure the energy efficiency of buildings. It is generally considered a major issue for the conscious exploitation of environmental resources and, in particular, the economic sustainability of the management processes of buildings.

Dynamic Analysis of the Property Market in the City of Avellino (Italy)

The dynamics of the housing market have been the subject of study and modelling for several decades (including: Muth, 1963; Ozanne, Thibodeau, 1983; Stiglitz, 1993; Green, Malpezzi and Mayo, 2005). The contingent relationships between the property market and micro and macroeconomic situations are particularly interesting. Studies were carried out by Di Pasquale and Wheaton (1996), with reference to the office property market and the correlation with the construction industry. The model has been adopted in this study, but applied to the residential property market in a medium size city located in southern Italy. The aim includes both the reading of the historical past ten years, with a dynamic approach to the problem, as well as a predictive application of the model for the near future (2013-2015).

Urban Sprawl, Labor Incomes and Real Estate Values

The analysis of the processes of urban growth and sprawl should be conducted taking into account the temporal evolution of a plurality of parameters: economic, demographic and socio-cultural. These factors are so related that the complex territorial system sometimes seems indecipherable. Thus, as the quantitative modeling suggests, the real phenomenon is simplified, identifying a limited number of exogenous variables and researching the effect that these variables generate on the simplersystem, object of the study. The goal is to find the functional relationships that govern the events.